Yep exactly. The tighter spreads come from independent prop AMMs quoting Backpack’s SPCX competitively, giving Dex Aggregators a cheaper source of liquidity for SPCXx orders. The route often becomes USDC > SPCX > SPCXx, while the reverse barely happens (tried to show that on the graph but not super clear). Have not looked at redemption numbers directly, but your explanation is one of the reasons why prop amms can quote SPCX and provide better execution. As an easier path into the much deeper traditional stock market lets market makers hedge and rebalance inventory more reliably, giving them the confidence to quote tighter spreads and greater size onchain. So @Backpack has already built the token to security bridge. The remaining bottleneck is that moving the underlying shares between brokers still relies on legacy ACATS and DTCC rails rather than happening instantly.